Midday Rant - Student Debt for Votes

by Bill White


This should come as no surprise… Joe Biden is now considering a plan to wipe out a substantial amount of student debt, for the 43 million borrowers, who collectively owe more than $1.6 trillion, money they received from the taxpayers to fund their education.

Obviously, this is a thinly veiled plan by the Democrats to buy votes, leading up to November as we near the midterm election, which, according to most of the polls, is expected to be devastating for the Biden Administration.

And there will be very few students, in debt, who would object to having that debit forgiven, so my opinion will not be a very popular one, but it must be said.

Previously, and I won't say during his campaign because he didn't actually campaign, but from the basement, Biden had indicated his support to cancel up to $10,000 of debt per student. Since then, he has not followed through with that plan.

But during a meeting on Monday with the Congressional Hispanic Caucus, he suggested that he will now ‘forgive’ far more than that amount (as though it’s his money) and some Democrats have called on him to use his Executive Order authority to cancel $50,000 per student or more.

This is so typical of Leftists, who after all, rarely accept responsibility, regularly look to blame others for their actions, and always want someone else to pay… for them.

At present, interest payments on those student debts are suspended, which amount to around $5 billion per month, the payments were halted because of COVID19 and they’re not expected to restart until at least September this year, if at all.

That said, this debt and the interest payments are carried on the country's balance sheet, as it were, so the proposal to cancel $1 trillion or more in assets and $60 billion in annual interest payments will need to be made up, somehow and more than likely means more borrowing for the country. And that means that taxpayers will pay again, first when the money was borrowed and now again when the debt is forgiven.

By the way, it is possible to file for bankruptcy and for a student loan to be discharged. All that one must do is to demonstrate to the bankruptcy court that repaying the loan would cause undue hardship. Nearly every student says that repayment is a hardship, so I wonder why they don't simply file for bankruptcy. Of course, the answer is that they want something for nothing and most of these ‘graduates’ are too stupid to understand that it’s taxpayer’s money they received, not the government’s money.

And last month, the U.S. Department of Education asked the U.S. Department of Justice to request a pause of any active bankruptcy case if the borrower wishes, so as you can see, Biden's Administration is pulling out all of the stops to garner votes.

In my humble opinion, borrowing money for college or university, graduating, and then asking for the debt to be cancelled is a lot like going to a fancy restaurant, enjoying a really nice meal, and then asking for the bill to be forgiven… because you didn't have a plan going in, how you would pay.

But I'll tell you what, here’s my offer… I will support cancelling the student debt for any graduate who will surrender their diploma. You can't say fairer than that.